Nat Gas News – October 2, 2017

Nat Gas News – October 2, 2017

U.S. Supreme Court Asked to Weigh in on West Virginia Gas Royalties Case

The Exponent Telegram reports: Members of the U.S. Supreme Court have been asked to consider whether West Virginia Supreme Court Justice Beth Walker overstepped her bounds by taking part in a decision on a case with huge implications for the state’s oil and gas industry. Attorneys for the estate of Patrick Leggett and other plaintiffs have asked the high court to look at Walker’s pivotal role in reversing an earlier ruling by the state Supreme Court finding that gas companies could not take deductions from gas royalty payments to property owners. The ruling could have cost gas companies millions of dollars in additional royalty payments. In their U.S. Supreme Court brief, lawyers with the Masters Law Firm in Charleston argue Walker’s failure to recuse herself from considering rehearing the Leggett case was unconstitutional. Beth Walker’s husband, Michael Walker, owned stock in several gas companies, including companies doing business in the state of West Virginia, attorneys for Leggett’s widow and the other plaintiffs argued. Michael Walker also was one of Beth Walker’s largest campaign contributors. For more on this story visit theet.com or click http://bit.ly/2xLNEoe

Speculators Cut U.S. Nat Gas Net Longs for 1st Week in Four – CFTC

The Hellenic Shipping News reported: U.S. natural gas speculators cut their net long positions for the first time in four weeks on forecasts calling for a possible third consecutive warmer-than-normal winter and a slow but steady increase in production. Speculators in four major NYMEX and ICE markets reduced bullish bets by 59,814 contracts to 254,725 in the week to Sept. 26, the least since early August, the U.S. Commodity Futures Trading Commission said on Friday. That is the biggest weekly decline in speculative net longs since early June. For more on this story visit hellenicshippingnews.com or click http://bit.ly/2yu7jpd